November 27, 2011
October home sales for Fraser Valley
The real estate market in the Fraser Valley including Mission experienced below average home sales the past 6 months. Combined with a regular addition of new listings, the market now has a good supply of homes reaching 8.23 months of inventory. It is a buyers market where home buyers have a wide selection of homes to choose from. Read the full report here.
According to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when the property is competitively priced.
“It is not a quiet market. Priced-right properties are selling thanks to the continuation of low interest rates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.”
View homes for sale in Surrey, Langley, Abbotsford and Chilliwack.
The October benchmark price of a single family detached home in Fraser Valley was $530,335 which was of 4.9% higher than $505,759 in October 2010.
For townhouses, the benchmark price was $325,482, an increase of 2% as compared to the same month last year.
The benchmark price of apartments at $243,725 was 1.3% higher than that of October 2010.
Condos are facing severe price pressure as there are now more condos on the market, and it took 75 days to on average to sell a condo. Detached homes were doing better at 45 days, while townhomes took on average 55 days to sell.
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